Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Paradeep Phosphates Ltd (NSE: PARADEEP) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
Rajeev Nambiar — President & Chief Operating Officer
Analysts:
Manish Mahawar — Analyst
Unidentified Participant
Prashant Biyani — Analyst
Sandeep Mukherjee — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Paradip Phosphates Limited Q4FY26 earnings conference call hosted by Antique Stockbroking Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch on phone. Please note that this conference is being recorded. I now hand the conference for the Mr.
Manish Mahavar from Antique Stockbroking. Thank you. And over to you sir.
Manish Mahawar — Analyst
Thanks Neera. Hello everyone. I am pleased to host today’s admin call of Parati Prospect. We have leadership team represented by Mr. Rajiv Nambiar, Joint FD and COO Mr. Harsheep Singh, President and Chief Commercial Officer. Mr. Bijoy Biswal, CFO and Mr. Alok Saxena, Head Corporate Finance and IR on the call. Without further ado, I would like to hand over the call to Mr. Nambia for opening comments post which we will open the floor for Q and A. Thank you. And over to you Rajesh.
Rajeev Nambiar — President & Chief Operating Officer
Thank you. Thank you. Manish. Am I audible properly?
Operator
Yes sir.
Rajeev Nambiar — President & Chief Operating Officer
Good morning everyone and welcome to Bharati First Aid Limited’s running call for the quarter ended March and the financial 2026. I appreciate your time and interest in our company. I trust you have seen our earnings in presentations and press release which have been circulated and are available on our website and stock exchange. Let me give you an overview of our business. I’m happy to report that PPL has once again delivered a robust financial and operational performance and best in class EBITDA per ton.
Many congratulations to all of you. In the financial year 2026, revenue from operation increased by 29% YoY to 21,826 crores. EBITDA rose up by 33 percentage to 2259 crore. Profit before tax increased by 46% year over year 2328 and the profit after tax stood at 1000 crores up by 52 percentage. For the quarter ended March the company reported total revenue of 4702 crores with an EBITDA of 484 crores. With the PBT stood at 202 crores and the profit after tax at 161 crore. Production volumes grew by 8% year over year and it stood at 36.66 lakh metric tonnes achieving almost 100% capacity utilization of our existing capacities.
Reflecting our continued endeavor for manufacturing excellence, sales volume rose up to 42 lakh 42.1 lakh metric ton with a 10,000 day YoY growth was led by strong performance in value added NPK grades. NPK as a category including TSP grew by 22 percentage to 24.64 lakh tonnes. Despite global uncertainty and volatility in key raw material availability and as well as pricing along with the INR depreciation, PPL has been able to deliver a consistent robust performance through high operational agility, integrated operation and supply chain sourcing efficiencies.
Let me also give an overview related to the key projects we have completed in the financial year 2026. During the year we commissioned our sulfuric acid plant at Paradeev half a million in capacity and at Mangalore 0.1 million ton capacity, thereby increasing our sulfuric acid capacity at company level by 0.6 million ton annually, an increase of 45 percentage of the total capacity. The benefit of the incremental sulfuric acid capacity Commission this year will be available to us in financial 2027 and will aid in improving our quality of earnings further, one more important project at Goa we have completed our energy efficiency project and the improved energy benefits have started coming.
As we speak now our plan to double the fossil capacity from 0.5 million ton to 1 million ton is on track and directionally we endeavor to make all our sites 100% backward integrated in phosphoric acid. The phase one of this expansion that is from 0.5 million to 0.7 paradise underway and is expected to be commissioned by financial 2027. Sustainability remains core to our operations and during the year we achieved SNP global ESG score of 76 and ranked top 2 percentage in the global chemical sector.
Through our expanded distribution and digital outreach we are now engaging with over 15 million farmers across 18 states supported by more than a lakh retailers and 6,800 dealers and a strong on the ground advisory network. In summary, PPL remain committed for strategic growth and expansion, build economies of scale and deepen our market presence. Let me also give you an outlook for the future. Looking ahead, we remain optimistic about the fertilizer demand, continued government trust on soil health and rising shift towards balanced and specialized nutrient applications.
However, we remain in the challenging time amidst the Middle east situation and we have seen spurt in key raw materials particularly ammonia and sulfur. As you are aware, Middle east contributes significantly to raw materials particularly ammonia and sulfur which is almost like 70, 75 percentage and most of the shipments across the straight of homos. While industry stock remains balanced at this point industry is making concentrated efforts and empowered committee comprising of government and industry officials have been working in close coordination to ensure fertilizer production and raw material sourcing planning.
Thanking all of you once again and I now open the floor for questions. Thank you.
Questions and Answers:
Operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants you must press star and one to ask a question. The first question is from the line of deep sanghvi from the Lalan brochure.
Please go ahead.
Unidentified Participant
Yeah, thank you so much for. Am I audible? First of all?
Rajeev Nambiar
Yeah. Can you. Little louder?
Unidentified Participant
Yeah. So yeah, first of all thank you so much for taking a question. So my first question is regarding the operating cash flow which was of course which is negative this year, around negative thousand crores. So that was largely driven by the increase in the inventories and receivables. Right. So could you help me understand the like the key reasons behind it and whether this should normalize, you know, going forward? Yeah. Yeah. Hi. So thanks for the question. No, this is. Yes, you know we are quite mindful of that.
We have a. There is a negative operating cash, cash flow but this is mainly on account the increase in the inventory and you know, receivables and subsidy. This increase in inventory is mainly to accommodate this increase of prices. This is going to unfold in this one of 26, 27. So that’s a, that’s a you know, strategy call that you know we should, you know we hold this additional inventory of around 30 odd days and this subsidy receivable is mainly on account of the increase of the DAP prices. DAP subsidy and other things which came towards the end of the period and all these things, whatever is there that will get unwinded in this Q1 and you know we’ll definitely reap the benefit of this stock holding and this subsidy receivable in Q1.
Right, right. Okay. And my other question is regarding the sulfur, sulfur prices which are still higher. So. So what could you give guidance about that for the future? And so last, I think last one called you also said that you are sourcing domestically from the IOC and MRPL which is in Bangalore. So can you also give something about that, please.
Rajeev Nambiar
Sulfur prices remain under stress actually for past few months and we expect that actually under the homo situation de escalates there won’t be a major impact which is coming and supporting us. But as I said actually we are taking out 100 percentage of this sulfur requirement from MRPL from Mangalore. Even with the increased capacity, the recent 300 tons plan we have commissioned is currently running at almost 400 tons and the Paradeep almost 20 30% of the sulfur equipment comes from the IOC Paradid.
So put together domestically we are towards the comfort version. But yes, internationally we remain under stress conditions.
Unidentified Participant
Right. And my last question is regarding the future guidance. So the company is. I think they are. You are looking for increasing a share in getting higher margin NPK fertilizers. Right. And of course the backward integration as well. So in the medium term trajectory. So what would be the EBITDA per ton for this? Around 5,100 buttons. Right. So what could be the. You know. So yeah, so currently if the spread was 5,300 I think and as we deepen the backward integration across process and sulfuric acid, the the spread is going to increase.
But we also have to take care of the global situation that is in place. So it will be hard for us to give you a specific number for FY27. But given the supply chain linkages and the backward integration that we have, the backward integration benefit should flow in FY27.
Operator
Thank you. A request for all the participants. Kindly limit yourself to two for participate. Next question is from the line of Prashant Biani. Please go ahead.
Prashant Biyani
Yeah, thank you for the opportunity. Sir. How are you placed with regard to raw material availability for Q1? How much of your requirement you have already bought pre war and how much are you having to buy at higher prices which are prevailing right now?
Rajeev Nambiar
Prashant, we remain optimistic for the Q1 because we have covered most of the Q1 and Q2. The situation is unfolding. It will be little difficult for us to give a direct answer for the rest of beyond Q1. I think
Unidentified Participant
And Krishna, I think industry is actively engaging with government on this aspect particularly for Q2 and almost in a daily discussion being discussed with secretary fertilizers and MDs of the major companies. So I think all the stakeholders are involved and we should get some clarity very soon. But as far as Mr. Nambia said, Q1 is adequately covered for Q2. The company as well as the industry is working with the government to have more visibility.
Prashant Biyani
Sure. Mr. Nambias can you share some update on our CAPEX which is underway across granulation phosphate and sulfuric acid?
Rajeev Nambiar
Sulfuric acid if you look at it actually two projects were completed last year that
Prashant Biyani
0.5
Rajeev Nambiar
And 0.16 altogether. The next sulfuric acid project is. Actually we are in the stage where the commercial offers are coming now we should be able to take a call in terms of our proposed 3,000 tons per day sulfuric acid by within this quarter. And for such it also it will be coupled with both together. So our. In spite of all these challenges coming on the global scenario our commitment for our CAPEX remains same.
Prashant Biyani
Currently it would be in design stage or we have finalized vendors for construction.
Rajeev Nambiar
We are in the finalizing stage for the vendors. We have almost received the codes and there is separate team working on it.
Prashant Biyani
How much would be the capex for FY27 that we are planning?
Unidentified Participant
Capex will be around you know 600 crore completely. We have, you know the financial closure has been done. So this is normal capex. And you know something of this. All these major projects are. Some outflow will be included there. And question just for FY27. The major projects that we expect to close this year will be expansion of faucet seat from half a million ton to 0.7. So there’s an incremental 200,000 tons of processes that is expected in FY27. And the key other project is some debottlenecking at Faraday period.
So these are the incremental I would say the cash flows that we expected to receive from the project that is getting completed and all other major capexes as we have said earlier is likely to be done by FY28 and FY29.
Prashant Biyani
Sure, I’ll rejoin the queue.
Operator
Thank you. Next question is from line of Raju from Antique Stockbroking. Please go ahead.
Unidentified Participant
Hello. Hi. Few questions. First one is regarding the GOA plant energy efficiency. So the GOA plant energy efficiency is project that we have completed in Q4 or in the Q3. So can you repeat the question? Yeah. So the GOA plant energy efficiency project so that we have completed in Q4 or earlier Q4.
Rajeev Nambiar
No, no, this Q4. Yeah. We have taken the shutdown actually from the month of February and completed in the last week of April.
Unidentified Participant
Okay, understood. So sir, I think. I think as per your earlier guidance I think 6.4 to 6.1 decal kind of energy efficiency that will be in GOA plant. So with that how much EBITDA per turn improvement that we can expect from going forward? Look, you know the guidance what we have given that you know from 6.4 to 6.1 energy efficiency will accrue to us. So in the current gas price scenario it will be around thousand two hundred rupees per ton of urea at EBITDA level. Understood. And sir, in terms of the NCFL uriah plant I think there were some issues like there was some policy issues due to which we are, we are expecting that EBITDA pattern to be lower.
So if you could indicate the EBITDA pattern for the NCFL plant as of now maybe in the age 2 of 26. No, look, you know earlier to this policy, you know change this. There is a reduction in this norm, a benchmark energy norm from 7.3 to 6.5. So that impacted the EBITDA by around 3,000 rupees per ton. And current level it will be around six thousand rupees. Six to six thousand five hundred rupees. And this. Yeah this is the scenario as of now. Just to add you know there was no, there was no policy change that was an incentive given because we switched over from naphtha to gas and that that has expired.
So there’s no as far as policy change it was an investment benefit that was accrued to us for a period of year which has done so. So there is no major policy shift as far as that is concerned. Okay. So. So, so the margin that we used to you know get roughly on 6,000 rupees a ton for the McFly area. So that we are continue to. We are getting till now, right? Yes. And it is also a function of the global gas prices. The margins in urea is a function of the global gas prices. And also sir, we have, we have expanded sulfuric acid capacity at the plant.
I think that might help in terms of getting the higher margin for Turia plant because of the power generation from the sulfuric acid plant. So how we can look at that scenario in 27
Rajeev Nambiar
We are expected actually we’ll be using this from the sulfuric acid plant to the other one. So at least almost a thousand rupees per ton could be the impact which is on a favorable side.
Unidentified Participant
Understood. And so one last question. In terms of the overall capacity for the GOA plant for this year and for the MCFL plant for this year for the NTK and for the like UDI and the non UVA both if you could bifurcate those two numbers for day 26. No. We have produced around 4 lakh ton of Urea at Goa and around 7 lakh ton of NPK. And in Mangalore 4 lakh ton of Urea and you know 3 and a half lakh turnout.
Rajeev Nambiar
Both the plant have actually completed the RIC quantity and afterwards only we went for the GOA energy saving project. And in terms of NPK actually GOA is almost like 0.7 to 0.8 in between. And Mangalore is almost a full capacity of 1.4. So put together both the plants are run wonderfully well in terms of capacity utilization.
Unidentified Participant
Understood sir. And one last thing. I think Olivia mentioned the debottle link of granulation capacitor to Risha plant 2 lak. So that is that that might come in FY27. Is that correct? Understanding
Rajeev Nambiar
It’ll be in 2027 next this current year it will come.
Unidentified Participant
Okay, so the. So the incremental volume that can we expect from this year or maybe from the. So you should expect this in second half the incremental volumes coming into the company. Okay, thank you. Thanks. Thanks for clarifying all the questions. Thanks. All the best.
Operator
Thank you. I request all the participants kindly limit yourself to two questions per participant. Next question is from the line of Viraj from Simpl. Please go ahead.
Unidentified Participant
First is if I look at Q4 and for the year gone by, what will be the EBITDA per turn on the money manufactured, you know, volumes DAP npk. Yeah, you know we give the you know product type of blended margin, you know, EBITDA margin that is around 5007. You know for the Q4 it is 5700. When the whole year it is a 5300. Yeah. But for the manufacturing business, any indication you can give how much would that be? Yeah, we give it a blended company level and obviously traded products will be at a lower number.
Okay, so this will be purely the DAP NBA business. Right. Not in the urea piece. So this is at a company level. So it includes everything all put together. Okay. Second question is now what is the current level of backward integration post the sulfuric acid and the porcelain we have. And once the expansion of FOSS asset and you know, other initiatives, what will be the backward integration? You know a year or two down the line.
Rajeev Nambiar
Almost like fully integrated actually. So expansion which is coming from 0.5 to 0.7 should cover most of the other two units. Requirement of processor also.
Unidentified Participant
And for synthetic assets are we for false. Acid is 100 integrated. If you take up, you know end on the product then there will be some, you know, requirement, you know you have to import around 10%. But in Mangalore it is 100 backward integrated sulfur. Okay, just one last question. I mean now the subsidy rates are out by the government with the way the key raw material prices are behaving right now. How should one understand spreads for us in the first half? I mean do you think there is more flexibility in terms of adjusting the market prices to cover for the raw material under recovery or you know, where does the larger focus lie?
Any color you can give just to share with you. We retain our leadership as the market is concerned. So we have taken a price increase in npk. However we also working very closely with the government because the entire pricing fees cannot be passed on to the customer. Also because the sulphur and ammonia prices are extremely high in the current situation and we expect the government also to be equally supportive on that. And at the same time we are also having the strategy where there’s clarity and margin like focusing on products like dap so which also ensures that we maintain our overall profitability.
So that’s how we’re doing it. But in terms of NPKs, we are a leader in the market in terms of our market realization also. Okay, understood. But generally there’s no issue in terms of availability of raw material. It’s just the prices are at abnormal levels. So in terms of curries, we are well covered in the supplies.
Rajeev Nambiar
I think we are confident and optimistic about it. But we are making our endeavor to see actually for future tie ups and faster.
Unidentified Participant
I’ll come back in queue. Thank you.
Operator
Thank you participants. You may press star and one to ask a question. Next question is from the line of Kiran Nai from Modi fincap. Please go ahead.
Unidentified Participant
Thank you for giving me an opportunity. Sir. Sir, if I am correct, as for the presentation shown on the ABAC India on the website. Hello, can you hear Sir? Yeah, yeah. So the EBITDA margin for the full year was 8.4. Am I right? 8.4. What percentage EBITDA margin shown for the 26th financial year? Or is. Or was it 10.03? 10.0.3 EBITDA margin is 11% for the year. 11. 11 for the year. So can we expect. Sir, because the conditions are not good geopolitically. So can we expect for 25 for 27 EBITDA margin 10%.
See, I think the percentage is not the right metrics for us as an industry. We evaluate the industry as EBITDA per turn. So I think the right matrix for us is to look at is EBITDA per turn. Given the situation we are in today of the Middle east, we will not be able to give You a right EBITDA per turn at this moment of time. But I think with the kind of supply side linkages that we have and the marketplace penetration we have, we should be able to end the year with a good margins revenue expectation for 27.
What is that? We will still hold ourselves because let things settle and we will come back. Actually situation is quite volatile and you know, see our endeavor is to get the raw materials to produce. So if we are able to do that then definitely we’ll see a growth. See just to kind of give you a perspective of the market side, see we had opening stock, we have had a good visibility on Karib. So we will continue to maintain our leadership and hopefully by another two to three months we should get a clarity on the Ravi supply chain.
But we are very confident as far as market leadership is concerned. So don’t see any concern except for very unexceptional situations where the value channel impact.
Operator
Thank you. Kiran. May I request to come back for a follow up question please.
Unidentified Participant
Yeah, yeah.
Operator
Thank you. Next question is from the line of Sandeep Mukherjee from SKP Securities. Please go ahead.
Sandeep Mukherjee
Yes, sir. Thank you for taking my question. Sir. So my first question is like what was the N20 volume in the total NPK mix for Q4 and FY26?
Unidentified Participant
Yeah. Good morning. So N20 volume which we did was 14.5 lakh metrics ton. Okay. And we grew almost 9% over the last year. And we are among the top two, three companies today in the NPK volumes.
Sandeep Mukherjee
Sir, for N20. This is for N20. Sir,
Unidentified Participant
This is for N20. What I’m talking of 14.5 lakh metric ton.
Sandeep Mukherjee
Okay. Okay sir. And for traded products, what were the volumes for TSP, DAP and MOP? SIR,
Unidentified Participant
TSP was around 2.8 lakh metric ton and DP was around another 2.2 lakh metric ton. Overall import portfolio was around 0.6 million tons.
Sandeep Mukherjee
0.6 million tons. Okay sir. And what was the gas cost? Sir, for the quarter?
Unidentified Participant
14 for MMBTU.
Sandeep Mukherjee
And what is the current gas cost? Sir,
Unidentified Participant
It has slightly moved off. You know, it is now around 18 to $19 because of this disturbance in the supply. But you know I can tell you that this entire urea energy cost is a pass through. So whatever the increase, you know, increase in the raw gas cost, you know that will be passed. That will not impact the this, you know, bottom line of the urea.
Sandeep Mukherjee
In
Unidentified Participant
Fact, in fact it is helpful because what Europe is, is energy efficiency.
Sandeep Mukherjee
Yes, yes. And out of the new project cost sir, that 36600 crore rupees. So what was your spent in FY26 and what is your planning for FY27? Spent
Rajeev Nambiar
FY26. Actually most of things were in the engineering stages. The actual cash flow will start happening 27 and we expect like 600 crore will be spent in 27.
Operator
Thank you. Sandeep, may I request to come back for a follow up question please? Yes,
Sandeep Mukherjee
Thank you.
Operator
Thank you. I request to all the participants, kindly limit yourself to two questions per participant. Next question is from lion of Aman from Unified Capital. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity. You made few remarks around government support in your communication with government. Can you elaborate a bit? I mean what sort of measures you are expecting? Is it certain kind of an ad hoc subsidy increases or support in some other form? If you can just expand on it how you are looking at things as of today. I’m asking this question considering the subsidy hike for the season has been just 10 percentage while the raw material prices are up significantly. Yeah.
Good morning to you see just to kind of give you the overview government’s policy as far as DEP and TSP is concerned. Government has a clear advantage disadvantage as a policy which factors in the increase in the import prices and the price of the product. So to that extent DP gets adjusted and your bottom line gets kind of adjusted positively with any price change. And we are also working closely with the government as far as the sulphur and ammonia wrong tail prices are concerned. So that’s how we look at it.
But in terms of availability you don’t see any challenge even if you to buy at current prices for quarter two. So the way we are looking at it is it’s not that there is no challenge. We have ensured that more or less we covered our Q1 and we are securing our Q2. But you understand there is a lot of sulphur which flows through the gulf of hormones. So while we equally balance because a lot of our sulfur is sourced from the refineries within India. So there are good balance and hopefully if the situation resolves within next few weeks then I think the value chain should be streamlined.
That’s how we look at it. And to add on to that we are now focusing on low sulfur great products which is, you know, increasing DAP and other things where there is a clarity of that, you know, policy. So we are, we are trying to minimize our sulfur requirement, you know. Sure. Thank you so much.
Operator
Thank you participants, you may press star and one to ask a question. Next question. Is from the line of Aman Kothari from Aquaras Investments. Please go ahead.
Unidentified Participant
Hello everyone. Firstly congratulations sir, on the wonderful set of results. Sir, I think you covered the point on the inventory increase that we have done that deliberately for let’s say meeting Q1. Can you tell how much inventory additional we are keeping a stock of as against to what you do on a normal year? No, this stock increased in the raw material stage around another 30 days. It is there, you know, so to take care of this production for the Q1. And in fact that will benefit us, you know, looking at this, you know, raw metal prices.
Got it. Okay. And on the balance sheet side too, also, I think for us the total gross debt has increased to 6,800. And as you mentioned, a large part of this is again subsidy receivable. That has to happen. So do you think that let’s say barring Q1 we could have a problem in the timing of the subsidy and that would lead us to, you know, raising a possibility of short term working capital because the government is already actually working capital limit, you know, we have adequate limit, you know, if you have got it.
Only thing is that the money what is stuck in this subsidy and inventory that will wind up in this quarter. So I don’t see that there is a, you know, this level goes up even from here in all. So once this poor sale happens because subsidies start flowing and this inventory goes out, other main consumption happens in June and July. So this, this will definitely reduce, you know, this borrowing level, you know, what are the working capital borrowing level that will reduce. Got it. And in terms of the NPK leadership that we have established, sir, we are almost growing on a company level, almost as 22% among the top companies.
So do you think that. I think in the last call also you mentioned that maybe 50% of the market is still NPK, but that be bada Charlie is 45%. So do you see that push by the government also happening? And you also seen an increase in farming adopting to nitrogen NPK products. Good morning. The two dimensions. So first is on the leadership. So just to give you a perspective, let’s say the industry growth of NPK standalone this year was minus 1% and your company grew by 10%. So. So in a situation where there were degrowth, we grew.
And if you include the TSP +NCK, the industry growth was around 1.6%. We grew by 15%. So that’s the direction that we consciously taken to provide value nutrition. So that’s, that’s a long Term strategy we continue to build up. However, in the current year you could have a mixed thing because of constraints of sulphur and other products. So the strategy might be more tilted to ensure that the phosphate and nitrogen also is secured so that the food security is maintained. So you will see a government putting a lot of emphasis on urea and DAP and of course complexes.
It continues. But be conscious of the fact that the complexes for the farmer today at price quite higher compared to the BP and tfp. So if the prices are higher in this currency, do you think farmers would want to switch to a NPK kind of product? I mean I can understand the nutrient finance that they would want to have but no, it’s a natural preference. The first preference for a farmer would be to typically go products like urea and. Okay, so that’s what would happen. But like I was sharing with you with the last year, also with the industry where in NPK the industry didn’t grow but we grew by more than 10%.
So from that perspective, once you convey the benefits of the parallel nutrition to the farmer, you will see an uptake happening. But in the current situation where too much of variance between the NP CAPIS and dap, you would see a balanced kind of growth in both the segments. But the overall phosphatic segment remains strong. That’s how I look at it.
Operator
Thank you. Aman, may I request you to come back for a follow up question?
Unidentified Participant
Sure, sure.
Operator
Thank you. Participants, you may press star and one to ask a question. Next question is from line of Sharia from Campro Capital Advisors. Please go ahead. Shreya, can you hear us? Shreya, may I request to unmute your line and proceed with your question. Due to no response we move on to the next participant. Next question is from the line of Saurav Gupta from Madhya Bharat Products. Please go ahead.
Unidentified Participant
Good morning. First of all, hello. Am I audible? Yes, it’s go ahead.
Rajeev Nambiar
Go ahead please.
Operator
So the line for the participant dropped. Ladies and gentlemen, you may press star and one to ask the question. Next follow up question is from the line of Prashant Diani. Please go ahead.
Prashant Biyani
How much is the false acid volume for Q4 as well as for FY26?
Unidentified Participant
No, you. We produce around 1.25 lakh metric ton in Q4 and year. On year basis 5 lakh 10005 lakh plus.
Prashant Biyani
And for sulfuric acid for Q4 and full year.
Unidentified Participant
1.8 million
Rajeev Nambiar
1.75.
Prashant Biyani
Answer for Q4.
Rajeev Nambiar
Just a second.
Prashant Biyani
Yes.
Unidentified Participant
For q this was 4 lakh 10 thousand.
Prashant Biyani
Sir. How much is the subsidy that we received in Q4 and how much is the outstanding right now
Unidentified Participant
We have received in Q4? 2600 crore and the outstanding is subsidies. 3001/23800. 3800. Mr.
Prashant Biyani
Hashdeep. Right. Mr. Hashdeep, out of the total trading volume for Q4, how much is DAP and TSP? Yeah.
Unidentified Participant
Right. So DEP was 2.2 million tons. Okay. Quarter, quarter also will tell you the number. Just give me a minute. Q4 number for DEP was deported was 0.38 million tons. And TST was 0.4 million tons for the Cubo. Yeah.
Prashant Biyani
3 lakh and 4 lakh tons.
Unidentified Participant
3 lakh and 4. Yeah. 0.3 and 0.4 million. Yes, sorry. 0.3 lakh and 0.4 lakh metric.
Prashant Biyani
Okay. 30,000 and 40,000.
Unidentified Participant
30,000. 40,000.
Prashant Biyani
How is the positive stock at the end of Q4 for DAP and NPK?
Unidentified Participant
Total stock is around 8 lakh. 30,000. And you want to understand the DP stocks?
Prashant Biyani
No, for total phosphatic DAP plus NPK.
Unidentified Participant
Okay. DEP is around at the end was 1.28 lakh metric tonight and NPK was around 6 lakh metrics 5.95.
Prashant Biyani
Okay, thank you so much.
Operator
Thank you. Next follow up question is from line of Aman Kothari from Equaras Investments. Please go ahead.
Unidentified Participant
Sure. So is there any production guidance that we can currently factor in at this time of the year? Can you repeat it? Production guidance. Any production guidance that we can give at this time of the year. I mean I know there’s uncertainty but regards, let’s say first quarter and then you probably something for the year.
Rajeev Nambiar
Basically there are two anxieties is coming. One is ammonia and second is in terms of the sulfur and sulfuric acid. So it will hit the production volumes remains almost like steady to large extent at least 70 to 80% for us in the Q1. But we are just slightly shifting from these two intensive products, ammonia intensive SLS, from the sulfur intensive products and wherever the policy clarity exists. So in terms of the running of the plant, as you see all the three plants are running to large extent.
That means we are covered till end of June. We don’t have major anxieties. But since we produce around five to six different kinds of products, we have access actually whichever is shooting to the market as well as in terms of the policy clarity.
Unidentified Participant
So all the three plants are operating we can say about 90%.
Rajeev Nambiar
Not exactly. We can say around 80%. Is
Unidentified Participant
Okay. And this is primarily because of the raw material constraints.
Rajeev Nambiar
Yes, yes.
Unidentified Participant
Okay, got it. And sort of the price of DAP that we are seeing at current rates, I think this has happened before also in a previous year when they deliberately reduced the volumes of DAP trading. If you see the prices elevated, let’s say at similar level for the next couple of quarters. Do you think this is a deliberate step that we are going to again take? See, we’re not getting into the deliberate step. The way we look at it is the government has put kind of a structure where we are doing a buying as an industry consortium.
Okay. So there will be a very transparent and effective process as a country that we’ve done so that instead of people taking spot positions individually, ask the people to vote and we got the L1 prices discovered. So you’re right. These are exceptionally high prices both for urea and ap. However, the view from the government side is that it is important that the farmers get their phosphates and nitrogen for the cropping season. So that’s how we look at it. And it is important that we maintain a certain stratum inventory as a country so that we are in a better bargaining position as we go into the subsequent season that that strengthens our position that way.
Okay. So the two tenders that India put us there, I think at those elevated prices, that was an industry level of procurement that was done, right? Yes. It is not IPL standard alone. It is IPL on behalf of a consortium of five, six companies. Okay. The large Plot company, we are part of that and we had a good offer availability and we have only picked up the quantity that L1 price. And so I think, you know, CAPEX plan that also that we have, I think debottlenecking would almost contribute to US 0.3 million tons.
So I think you already mentioned that point two is something we’re targeting for this year. So I’m assuming that point one will be targeted for FY28.
Rajeev Nambiar
Yes. Good.
Unidentified Participant
And that will again be at the parity plant?
Rajeev Nambiar
Yes, partly it could be coming from, but both, both the units will have some new growth coming out.
Unidentified Participant
Thank
Operator
You.
Unidentified Participant
And just one last question to add on, sir. This is an if scenario, but considering that we have now seen an import duty increase or some deliberate steps that government is having to take to, you know, reduce the impact that it is having. So do you think that if this situation is elevated and there are steps that, since you are having continuous discussions with the industry, is there a possibility that fertilizer subsidies could get Delayed at these elevated prices. No, see look this ammonia and sulfur prices there is no concern due to delay.
In fact very recently. So with this number of harif is coming in and the type of stock built up and the sales consumption is happening, we don’t see that the subsidy will be delayed. As of now what we start now we have got the subsidy up to excellent. And you know with the kind of discussion that are happening on daily basis with the government and industry. You know government is very, is very protective of the industry because they believe that manufacturing has to go to ensure food security. So there’s no reason for us to have subsidy delayed and it is adequately budgeted.
You know they have budget support for the subsidy. So we don’t see any reason for to delay in the subsidy.
Operator
Thank you. Next question is from the line of ankit from Steep trade Capital. Please go ahead.
Unidentified Participant
Yeah. Yes. So I’m just contacting all how much percentage of your raw materials are imported? I mean in terms of sulfate? It’s not very clear. Yeah, correct percentage of your raw materials are currently imported. I mean state of almost. See we get you know almost every entire thing of ammonia imported earlier from state of almost. Now it has been shifted to east coast. So we are getting mostly now from the south Southeast Asian countries this ammonia as well as sulfur is concerned. Yes, it was through state of hormones but now that is impacted.
So
Rajeev Nambiar
If you see large extent actually diversification happen in ammonia, sulfur remains a critical resource for us actually to bother us. But I’m sure as the kind of tie up all industry as well as government is supporting us to make we will see at least better days to coming.
Unidentified Participant
So just to kind of update you, we also honestly sourcing of sulfur that we’re doing within the country so that partially supplements and like for the finished fertilizers. There is a consortium which is working also on. On sulfur and ammonia securing sulfur ammonia in a transparent way. So that is that. That also has been kind of. We’ve already declared that as industry and we are hopeful of securing that. Rather one of the vessels that we secured for sulfur came by a straight of hormones. So considering the you know, commissioning of the sulfuric plant.
So I mean how much margin margin expansion are we looking at? I mean after getting the. If we see the war situation getting settled out the delta between the imported sulfur and you know, impulse of sulfuric acid and indigenous sulfuric acid around 3,000 rupees. But it depends on that what source, you know, what price you are sourcing this sulfur. So at this current Level it is. You know it will be reduced and it will be at around 15 or 2000 level of data.
Operator
Thank you. Next question is from the line of Raju Romantic stockbroking. Please go ahead.
Unidentified Participant
Hi sir. Hope I’m audible. Sir, as you earlier said that in our GOA plant UDF plant was was taken under maintenance shutdown due to energy efficiency. So how much was the volume impacted? Or if you could indicate the production volume for. For this quarter for the Gua UDA plant.
Rajeev Nambiar
Overall if you look at it the whole year actually we will be completing RAC. Okay. Because anyway around 30, 35 days are always kept on shutdowns of annual shutdowns so that we are consumed actually so we don’t see any decrease in volume on a yearly basis.
Unidentified Participant
This year we have done 4 lakh. And now with the policy. Suppose you know the new change in the policy come we can do up to 4.5 lakh that go up. Okay. So going forward we can do four and a half left and kind of a volume, right? Yeah. Okay, understood. And for the. For the MCDOU said that our production volumes are. The UDI was somewhere around 44 Lakhan for the MCFL. Is that correct? Understand? Yes. Yes. Yeah. So. So with that number was there any. Any deep in the UDR production volume in the MCFL for 4Q
Rajeev Nambiar
The MCF continue to run. We have taken the shutdown the last October November. But if there is a supportive policy we can still produce more than that. More than 4 lakhs.
Unidentified Participant
Okay. Okay. So like for. For the. For the H2 if you could indicate the production volume of URIA at at MCFL plant that will be helpful.
Rajeev Nambiar
H2 if you look at it, our overall rac is around 4 lakhs. It’s a supportive policy. We can go up to 4.4 to 4 point.
Unidentified Participant
We will share that specific number.
Rajeev Nambiar
It took a month shut down last year. Yeah.
Unidentified Participant
No sir, my question was that like in. In 3Q and 4Q how much was the production volume for the McFlur plant? Which you will get back to you separately on that. I think we don’t give her here. Thank you.
Operator
Thank you. Previously we’ll take that as the last question. I now hand the conference over to the management for closing comments.
Rajeev Nambiar
The last question.
Operator
Sir, that was the last question.
Rajeev Nambiar
Thank you. Thank you. And on behalf of the management team ppl. We thank you for taking time to join our earnings call and lot of interesting questions from you. Should you have any further questions please reach out to us our investor relations team. And thank you. Once again and have a good morning and afternoon. Thank you.
Prashant Biyani
Thank you. Thank
Operator
You very much. Thank you. On behalf of Antique Stockbroking Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.